TPCO Holding Corp. (NEO: GRAM) (OTCQX: GRAMF) announced its financial results for the three-month period that ended March 31, 2023, revealing net sales of $18.1 million, a gross profit of $7.8 million (43% of net sales), a net loss of $16.5 million, an adjusted EBITDA loss of $9.3 million, and $76.1 million in cash and cash equivalents.
Q1 2023 Financial Highlights
- Q1 2023 net sales from continuing operations were $18.1 million (excluding bulk wholesale business which was disposed of during Q4 2022).
- Gross profit from continuing operations grew 15.8% to $7.8 million, or 43% of net sales compared to $6.7 million, or 30% of net sales in Q1 2022.
- Q1 2023 net loss from continuing operations was $16.5 million compared with a Q1 2022 net loss of $33.0 million.
- Adjusted EBITDA loss from continuing operations was $9.3 million in Q1 2023, an 57% improvement from a loss of $21.7 million in Q1 2022. Adjusted EBITDA removes the effects of changes in the …